Cook County Class 7c

The Class 7c classification is designed to encourage commercial development throughout Cook County by offering a real estate incentive for the development of new commercial facilities, the rehabilitation of existing commercial structures, and the commercial reutilization of abandoned buildings.

Goal

The goal of Class 7c is to attract new business, stimulate expansion and retention of existing business and increase employment opportunities.

How It Works

Under the incentive provided by Class 7c, qualifying commercial real estate would be eligible for a reduced assessment from the date that new construction or substantial rehabilitation is completed and initially assessed or, in the case of abandoned property from the date of substantial re-occupancy.

Properties receiving Class 7c will be assessed at 10% of market value for the first 3 years, 15% in the 4th year and 20% in the 5th year. This constitutes a substantial reduction in the level of assessment and results in significant tax savings. In the absence of this incentive, industrial real estate would normally be assessed at 25% of its market value.

Eligible Properties

real estate used primarily for commercial purposes", which is defined as:
"Any real estate used primarily for buying and selling of goods and services, or for otherwise providing goods and services, including any real estate used for hotel and motel purposes."

New construction, substantial rehabilitation or reutilization of abandoned buildingsLocation anywhere in Cook County

Benefits

Assessment levels reduced from the commercial rate of 25% for 5 years:

10% for 3 years

15% in Year 4

20% in Year 5

Return to 25% in Year 6

Requirements

Application to the Assessor and municipal resolution must be filed before construction of new buildings, or the substantial rehabilitation or reoccupancy of existing buildings begins.

Niles, Illinois

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